Iron ore prices might undergo a rough patch before the National Holidays
2011-08-18 09:36:45 [Print]
In the backdrop of the global economic catastrophe it is expected that the market dynamics will re orient as the global economy grapples with the twin monster of European debt crisis and US credit rating. China being the biggest trading partner for these two regions is likely to play a stellar role.
Apart from the steel market the iron ore market is expected to rattle with the unsettling forces. The iron ore prices have remained stable at an elevated level averaging USD 161 per tonne in H1. The Iron import levels have remained buoyant over the past 1 month at USD180 per tonne to USD 189 per tonne. However after the 8th August melt down it was the turn to correct which slid by USD 1 per tonne.
The international prices are likely to correct owing to the following reasons
1. Depreciation of USD vs CNY
2. Slump in oil prices
3. High iron ore inventory at Chinese port (94.74 million tonnes)
The slated promulgation of “China iron ore index” in Oct this year will certainly impact the international prices.
To know exact levels, likely scenario, subscribe to “Iron Ore Services” of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com along with your full contact details.
The accuracy and the speed of reporting changes is well appreciated by not only Indian miners, but by global iron ore majors as well as Chinese mills as many of them have subscribed to this service to maintain another but solid listening post as far as Indian spot market is concerned.
Apart from the steel market the iron ore market is expected to rattle with the unsettling forces. The iron ore prices have remained stable at an elevated level averaging USD 161 per tonne in H1. The Iron import levels have remained buoyant over the past 1 month at USD180 per tonne to USD 189 per tonne. However after the 8th August melt down it was the turn to correct which slid by USD 1 per tonne.
The international prices are likely to correct owing to the following reasons
1. Depreciation of USD vs CNY
2. Slump in oil prices
3. High iron ore inventory at Chinese port (94.74 million tonnes)
The slated promulgation of “China iron ore index” in Oct this year will certainly impact the international prices.
To know exact levels, likely scenario, subscribe to “Iron Ore Services” of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com along with your full contact details.
The accuracy and the speed of reporting changes is well appreciated by not only Indian miners, but by global iron ore majors as well as Chinese mills as many of them have subscribed to this service to maintain another but solid listening post as far as Indian spot market is concerned.
